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Wednesday, September 23, 2009

A little downside for a change as the Dow lost 81 points on average volume. Advance/declines were negative. The Fed said nothing new and we rallied but then the bottom fell out as everyone headed for the exits. 80 some points isn't much though when we've come so far already. We are up against those long term down trend lines. We'll see if there is any follow through tomorrow. Gold lost a buck today but sold off in the aftermarket. The XAU dropped 5 1/4. ABX down 1, GG off 1 1/2 and NEM fell 1 1/2 all on average volume. The dollar bounced around today and oil was weaker. I still like the gold shares and will be keeping an eye on them here. Mentally I'm a bit tired, could have slept longer. One day isn't a trend but this could be the beginning of something more sustained to the downside. It is long overdue. But we will have to wait to see what happens. It isn't easy being patient as I've said before. I really think that the best course of action for me here is to wait until next week to attempt to do something. What that something is, remains to be seen. I'll look for downside follow through tomorrow.

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